Finish the project, take great pictures and go live quickly. 

I reviewed the SB9 legislation, and it states that properties occupied by a tenant in the last 3 years are excluded from SB9 but only if the project includes demolition or altering more than 25% of the exterior structural wall.

I’m curious, what’s been your most creative or successful rebranding project?

The only time you would see a fee related to maintenance would be a project management fee if multiple trades are required during a property turn. 

You are at a massive number of properties (to me) in 30 months.

With just these numbers to go on, if I felt the neighborhood is solid/trending up and not down and assuming your rent projection is realistic, I'd buy it. 

We do not factor in capital gains tax in our final net profit projection Hope that helps!  

I can also see where the CPA firms don't want to do this given for the CPAs...this is likely a one time large catch up project, and then never again. 

On recent projects that I have seen, LTV’s north of 70% are struggling to pencil out on.

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.